jraju (Others) (283 Points)
28 April 2017If the income to a person is only through the interest from fd, is that interest taxable? My wife only is getting income as interest from her FD aamount. Is the interest taxable. She has no other source of income.
Farhaad Jiwani
(Tax Consultant at Nagpur)
(303 Points)
Replied 28 April 2017
binay shaw
(Student CA IPC / IPCC)
(135 Points)
Replied 28 April 2017
INTEREST ON FD IS TAXABLE ON INCOME FROM OTHER SOURCES BUT IF YOUR INTERSET AMOUNT IS LESS THEN RS.250000 THEN NO NEED TO TAX
jraju
(Others)
(283 Points)
Replied 28 April 2017
Hi, Thanks for the reply.. So, she could give 15 g at the bank , not to deduct 10% tax , as otherwise, it will be deducted . Ok. pl confirm
Farhaad Jiwani
(Tax Consultant at Nagpur)
(303 Points)
Replied 28 April 2017
jraju
(Others)
(283 Points)
Replied 28 April 2017
Hi, Thanks for the reply. Pl. see the llink. I have raised a query, but i could not find in the Others thread. How to access my posts in this forum
/forum/does-scribbled-new-notes-are-not-accepted-by-bank-solution-389347.asp
binay shaw
(Student CA IPC / IPCC)
(135 Points)
Replied 28 April 2017
If your fixed deposit interest is less than rs.10000 then bank will not deduct tds @ 10%.but it is better to deposit the form 15g to the bank.
jraju
(Others)
(283 Points)
Replied 28 April 2017
Hi, i could not find my post in other forums in the link i have given above. In my profile , and in posts, i could find, how to look for my postings in the forum thread in the respective topics pl any one
SUNEEL KUMAR
(Sr. Accounts & Finance Executive)
(163 Points)
Replied 29 April 2017
i agree with above experts if income from other sources less than 250000 then no need to tax payment. Also submit the form 15G in bank.
TDS deduction by bank subject to int. amount should be above than Rs.10000
Sivaiah Ganga
(68 Points)
Replied 29 April 2017
jraju
(Others)
(283 Points)
Replied 29 April 2017
Hi, do you want to say that she will not have any icome. The amount is not huge. I think you have answered in a negative way. The other answers gave clarifications.Thanks
DWARKADASKOTHARI
(PROPRIETOR)
(22 Points)
Replied 29 April 2017
Be more Clear sir, Because you have told that this income only ultimate income of your wife, then how she got the amount of Investment in FD? Did you make FD in her name? or Did you give her money, but she invested in FD? whatever it is, if source of that FD is not of her menns you have to include that FD Interest with your income and pay tax accordingly. Otherwise and if interest is less than the slab rate just go to declare with Form15G in Bank.
jraju
(Others)
(283 Points)
Replied 29 April 2017
She has her savings and where is the huge amount you speak. Not at all related replies. . I just asked a query and getting replies from this site. Thats all.
Sivaiah Ganga
(68 Points)
Replied 29 April 2017
jraju
(Others)
(283 Points)
Replied 29 April 2017
CAclubindia
